Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Value

The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of March 31, 2026 (in thousands):


									Balance Sheet Classification
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Level 1:
Cash	$	140,141	$	—	$	—	$	140,141	$	140,141	$	—
Money market mutual funds	110,235		—		—		110,235		110,235		—
U.S. treasury securities	69,369		1		(9)		69,361		—		69,361
Subtotal	319,745		1		(9)		319,737		250,376		69,361
Level 2:
Commercial paper	26,432		—		—		26,432		600		25,832
Certificates of deposit	1,519		—		—		1,519		—		1,519
Corporate notes and obligations	34,568		—		(21)		34,547		—		34,547
Asset-backed securities	11,250		—		(2)		11,248		—		11,248

Subtotal	73,769		—		(23)		73,746		600		73,146
Total cash, cash equivalents, and marketable securities	$	393,514	$	1	$	(32)	$	393,483	$	250,976	$	142,507

As of December 31, 2025, the Company’s financial assets consisted of the following (in thousands):


									Balance Sheet Classification
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Level 1:
Cash	$	158,093	$	—	$	—	$	158,093	$	158,093	$	—
Money market mutual funds	22,336		—		—		22,336		22,336		—
U.S. treasury securities	99,553		38		—		99,591		—		99,591
Subtotal	279,982		38		—		280,020		180,429		99,591
Level 2:
Commercial paper	29,569		—		—		29,569		3,782		25,787

Corporate notes and obligations	87,221		12		(21)		87,212		3,817		83,395
Asset-backed securities	12,334		3		(1)		12,336		—		12,336

Subtotal	129,124		15		(22)		129,117		7,599		121,518
Total cash, cash equivalents, and marketable securities	$	409,106	$	53	$	(22)	$	409,137	$	188,028	$	221,109

Schedule of Available-for-sale Debt Securities by Contractual Maturity

The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of March 31, 2026 (in thousands):


Due within 1 year	$	137,572
Due after 1 year through 5 years	5,535
Total available-for-sale debt securities	$	143,107

Schedule of Available-for-sale Debt Securities

The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Corporate notes and obligations	$	33,540	$	(21)	$	37,956	$	(21)
Asset-backed securities	10,609		(2)		6,411		(1)
U.S. treasury securities	41,293		(9)		—		—

Total available-for-sale debt securities	$	85,442	$	(32)	$	44,367	$	(22)